Investment and development company, Glenbrook has acquired an industrial property portfolio at Liverpool docklands from Acorn Industrial, achieving a net initial yield of 13.5%.
The 150,690 sq ft scheme comprises 19 units over five terraces plus additional development land and counts Hill Dickinson, Bill Kenwright, Peter Marsh & Sons and Aperture Solutions among its tenants.
Speaking about the purchase, Chris Lloyd, investment director at Glenbrook commented: “With all that is happening with docklands regeneration in Liverpool through Liverpool 2 and Everton’s proposed new stadium this portfolio provides a great fit for our investment business providing both high yielding income and the ability to add value through a refurbishment programme.”
John Burrows at B8RE, which advised Acorn Industrial Estates on the disposal, commented: “The portfolio has demonstrated a strong occupancy rate with improving rental levels, buoyed not only by major improvement works in the locality, but also a continued lack of industrial supply in the North West region.
“The sale highlights investor demand for higher yielding assets whereby purchasers are willing to commit capital expenditure to improve the property and further enhance value.”
The purchase price was undisclosed and Glenbrook was unrepresented in the deal.